Not necessarily re: ASX not granting an extension but
IMO the extension criteria in WFE's case wouldn't be applicable now.
Taken from guidance note 33:
ASX may agree to a short extension of the 1 and 2 year deadlines for automatic removal if the entity can demonstrate to ASX's satisfaction that it is the final stages of implementing a transaction that will lead to the resumption of trading in its securities. For these purposes, being in the final stages of implementing a transaction means the entity has:
(1) Announced the transaction to the market
(2) signed definitive legal agreements for the transaction (including for any financing required in respect of the transaction)
(3) if the transaction requires a prospectus or product disclosure statement to be lodged with ASIC, lodged that document with ASIC and it is not the subject of a stop order or other regulatory action by ASIC: and
(4) if the transaction requires approval by security holders or from a government agent or financier, obtained all such approvals
The extension, if granted, will usually be for no more than 3 months..... (sic)...... before it will grant the extension, ASX must be satisfied that the entity is reasonably capable of consummating the transaction and will be ready for trading in its securities to resume (including having lodged all outstanding accounts with ASX) with in the period of extension.....(sic).
Further more, the ASX can, and will in appropriate circumstances, remove an entity from the offical list under listing rule 17.2 ....(sic)....This is especially the case if, in ASX's opinion, the entity no longer has a sufficient level of operations or an
adequate financial condition to warrant its continued listing (rules 12.1 & 12.2) ....(sic)
https://www.asx.com.au/documents/regulation/gn-33-final.pdf
From the last 1/4 Cash Flow Report, WFE had
$5.00 (yes FIVE DOLLARS) with the balance remaining of the $250,000 draw down loan (spent $20,500 last quarter) and have an estimated cash out flow for this quarter @$153,000.00 leaving a balance of $81,500 as at 31st March 2020.
https://www.asx.com.au/asxpdf/20200203/pdf/44dry949s0j35d.pdf
The company is also breeching the Corporations Act by failing to announce and hold an AGM within 5 months from the end of the company's financial year.... this can be extended, BUT, an application for an extension must be lodged with ASIC prior to the AGM dead line date.
Regulatory guide note 44: Statutory requirements (with attention to) RG 44.1, RG 44.3, RG 44.6, RG 44.7, RG 44.8 & RG 44.11
https://download.asic.gov.au/media/1238144/rg44.pdf
RG 4.4: The penalty for not holding a meeting on time is $1,000.00 or imprisonment for 3 months or both .....
The requirement is covered under the Corporations Act/2501 - the fee for requesting an extension is $3,487.00
https://asic.gov.au/regulatory-reso...nsion-of-time-to-hold-annual-general-meeting/
This figure is not recorded in any of the released Appendix 5B's as a seperate payment (doesn't mean it hasn't been paid, it could be just under Corporate Costs)
The lack of an announcement in regards to engaging a replacement director, with the amount of "rent a director" all sitting around in the same offices employed by multiple companies, I am surprised WFE haven't found one as yet, which also adds to the list on non adherences to listing rules.
A lack of any information from the company is abysmal
cheers
MeToo are you on the bird ?
